You could lose money by investing in the Fund, and the Fund could underperform other investments. You should expect the Fund's share price and total return to fluctuate within a wide range. The Funds's performance could be hurt by:

Issuer risk. Securities held by the Fund may decline in value because of changes in the financial condition of, or events affecting, the issuers of these securities.

Management risk. Dodge & Cox's opinion about the intrinsic worth of a company or security may be incorrect, Dodge & Cox may not make timely purchases or sales of securities for the Fund, the Fund's investment objectives may not be achieved, and the market may continue to undervalue the Fund's securities.

Asset allocation risk. The Fund’s ability to achieve its
investment objective is affected by Dodge & Cox’s
determination of the Fund’s broad asset allocation
mix. Dodge & Cox’s evaluations and assumptions
regarding asset classes and market sectors may not
successfully achieve the Fund’s investment objective in
view of actual market trends. The Fund’s balance
between equity and debt securities could limit its
potential for capital appreciation relative to an all-stock
fund or contribute to greater volatility relative to an all-bond
fund.

Market risk. Stock prices may decline over short or extended periods due to general market conditions.

Non-U.S. issuer risk. Securities (including
ADRs) may decline in value because of political,
economic, or market instability; the absence of accurate
information about the companies; risks of internal and
external conflicts; or unfavorable government actions,
including expropriation and nationalization. These
securities may also lose value due to changes in foreign
currency exchange rates against the U.S. dollar and/or
currencies of other countries. Non- U.S. securities are
sometimes less liquid, more volatile, and harder to
value than securities of U.S. issuers. Lack of uniform
accounting, auditing, and financial reporting standards,
with less governmental regulation and oversight than
U.S. companies, may increase risk. Some countries also
may have different legal systems that may make it
difficult for the Fund to vote proxies, exercise
shareholder rights, and pursue legal remedies with
respect to investments. These risks may be higher when
investing in emerging markets companies. Certain of
these risks may also apply to securities of U.S.
companies with significant non-U.S. operations.

Credit risk. A security’s price may decline due to
deterioration in the issuer’s or a guarantor’s financial condition. The Fund could lose money if the issuer or
guarantor of a debt security, or the counterparty to a
derivative instrument or other transaction is unable or
unwilling to make timely principal and/or interest
payments, or to otherwise honor its obligations. If an
issuer defaults, or if the credit quality of an investment
deteriorates or is perceived to deteriorate, the value of
the investment could decline.

Below investment grade securities risk. Debt securities
rated below investment grade, also known as “high yield”
or “junk” securities, have speculative
characteristics. These securities may yield a higher level
of current income than higher-rated securities, but
generally have greater credit risk, more price volatility,
and less liquidity.

Call risk. During periods of falling interest rates, issuers of callable bonds may repay securities with higher interest rates before maturity. This could cause the Fund to lose potential price appreciation
and reinvest the proceeds at lower interest rates.

Derivatives risk. The Fund’s use of interest rate and
credit derivatives involves risks different from, and
possibly greater than, the risks associated with investing
directly in securities and other more traditional
investments. These derivatives are subject to potential
changes in value in response to interest rate changes, or
other market developments, or the risk that a derivative
transaction may not have the effect Dodge & Cox
anticipated. Credit default swaps are subject to credit
risk relating to the issuer or issuers of the reference
obligations. Derivatives also involve the risk of
mispricing or improper valuation and poor correlation
between changes in the value of a derivative and the
underlying asset. Derivative transactions may be highly
volatile, and can create investment leverage, which
could cause the Fund to lose more than the amount of
assets initially contributed to the transaction, if any.
There is also the risk that the Fund may be unable to
close out a derivative position at an advantageous time
or price, or that a counterparty may be unable or
unwilling to honor its contractual obligations,
especially during times of financial market distress.

Liquidity risk. The Fund may not be able to
purchase or sell a security in a timely manner or at desired prices
or achieve its desired weighting in a security.

Mortgage and asset-backed securities risk. Early repayment
of principal (e.g., prepayment of principal due to sale of
the underlying property, refinancing, or foreclosure) of
mortgage-related securities (or other callable securities)
exposes the Fund to a potential loss on any premium to
face value paid and to a lower rate of return upon
reinvestment of principal. During periods of rising
interest rates, prepayment rates may decline below what
was anticipated, delaying the return of principal to the
Fund and affecting its ability to reinvest at higher
yields. In addition, changes in the rate of prepayment
also affect the price and price volatility of a mortgagerelated
security. Securities issued by certain U.S.
government sponsored enterprises (GSEs) (such as
Fannie Mae, Freddie Mac, the Federal Home Loan
Banks, and the Federal Farm Credit Banks) are not
issued or guaranteed by the U.S. Treasury. In the event
that these GSEs cannot meet their obligations, there
can be no assurance that the U.S. government will
continue to provide support, and the Fund’s
performance could be adversely impacted.

Sovereign debt risk. Sovereign debt includes investments
in securities issued or guaranteed by a foreign sovereign
government or its agencies, authorities, or political
subdivisions. An investment in sovereign debt
obligations can involve a high degree of risk, including
special risks not present in corporate debt obligations.
The issuer of the sovereign debt or the governmental
authorities that control the repayment of the debt may
be unable or unwilling to repay principal or interest
when due. Holders of sovereign debt may be requested
to participate in the rescheduling of such debt and to
extend further loans to governmental entities. In the
event of a default by a governmental entity on a
sovereign debt obligation, there may be few or no
effective legal remedies for collecting on such debt.

Leveraging risk. Certain Fund transactions, such as
derivatives, may give rise to a form of leverage and may
expose the Fund to greater risk of loss. Leverage tends
to magnify the effect of any decrease or increase in the
value of the Fund’s portfolio securities, and therefore
may cause the Fund’s performance to be more volatile.
The use of leverage may cause the Fund to liquidate
portfolio positions when it would not be advantageous
to do so in order to satisfy its obligations.

An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

There are further risk factors described elsewhere in the prospectus and in the SAI.

The following bar chart is intended to help you understand the risks of investing in the Fund. The bar chart shows changes in the Fund’s returns from year to year.

The Fund’s past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Average annual total returns can be viewed on the Performance & Prices page of this website.

The Fund’s total returns include the reinvestment of dividend and capital gain distributions, but have not been adjusted for any income taxes payable by shareholders on these distributions or on Fund share redemptions.

Returns represent past performance and do not guarantee future results. Investment return and share price will fluctuate with market conditions, and investors may have a gain or loss when shares are sold. Mutual fund performance changes over time and currently may be significantly lower than stated above.
Monthly updates to performance are accessible from the
Performance &
Prices page.

This site is for persons in the United States only.
Before investing in any Dodge & Cox Fund, you should carefully consider the Fund's investment objectives, risks, and
charges and expenses. This and other important information is contained in a Fund's prospectus and summary prospectus. Please read the prospectus and summary prospectus carefully before investing. Investments are not FDIC-insured, nor are they deposits of or guaranteed by any bank or any other entity.